Over the years, Canada has remained the dream destination among various candidates, including skilled professionals, students, and others. Entrepreneurs and business people are among those. In the recent past, Canada has become a dream destination among entrepreneurs. Yearly, most entrepreneurs migrate to Canada via the Canada Start-up Visa Program.
If you are an entrepreneur or business people who wants to immigrate to Canada through the Start-up Visa Program. In that case, this article will explain how you can migrate to Canada through the Start-up Visa Program. But, before moving ahead, let us give you an overview of the Canadian Start-up visa program.
Start-Up Visa Program – An Overview
The Start-Up Visa Program is a visa program, also known as the SUV program. It is an immigration program designed for entrepreneurs who want to establish their businesses in Canada. The Start-Up Visa Program was a pilot program in 2013 and became a permanent program in 2017.
Since 2017, this program made residing and establishing a business in Canada more convenient for many experienced business people and entrepreneurs.
Benefits of Start-Up Visa Program in 2024
The following are the benefits of the Start-up Visa Program in 2024.
- Pathway to Permanent Residency
The Start-up visa program is considered a pathway to permanent residency for entrepreneurs and their families in Canada. This benefit offers stability and the ability for candidates and their families to live, work, and study anywhere in Canada.
- No Business Experience
Unlike various other immigration programs, the start-up visa program does not require any prior business ownership and management experience. Therefore, this immigration program is more accessible to multiple innovative and creative entrepreneurs.
- Investment Requirement
This immigration program requires comparatively low investment. Under this immigration program, applicants must secure a minimum investment of CAD 200,000 from a designated venture capital fund or CAD 75,000 from an angel investor group.
- Diversity of Industry
The Start-Up Visa Program welcomes innovative businesses from diverse industries like technology, healthcare, and environmental solutions, fostering the development of advanced solutions and technologies.
Requirement of Canada Start-up Visa Program 2024
The following information illustrates the requirements of the Canada Start-up Visa Program 2024.
- Letter of Support
Under this, the candidate must get a letter of Support from a Designated Organisation in Canada. It will help in Business development in Canada. A Letter of Support from a designated organization is required for application consideration and is valid for six months from its issue date.
- Have a valid Business
Under this, the candidate must have a valid and existing business in which the candidate must hold a 10% voting right in the industry along with a Designated Organisation. The applicants and the Designated Organization must collectively have over 50% voting rights.
- Language Proficiency
Under this, the candidate must have a minimum of 5 CLB(Canadian Language Benchmark) level in the official language of Canada, English and French.
- Proof of Funds
Under this, the candidate must possess sufficient proof of funds to demonstrate to the immigration authorities that they are financially capable of managing their expenses during their stay in the country.
| Family Members | Requirement of Funds (Canadian dollars) |
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| Each additional family member is subject to additional charges. | $3,706 |
Steps to Apply for the Canada Start-up Visa Program?
The following information illustrates the steps to apply for the Canada Start-up Visa Program.
- Check your Eligibility
One of the first to apply for the Canada Start-up Visa Program, the candidate must check their eligibility for the immigration program.
- Fill out the Application Form
After checking the eligibility, the candidate must complete the Generic Application Form of Canada, validate it, print it, include the barcode page, and sign and date it.
- Gather Required Documents
Under this, the candidate must gather all required documents, place them in a sealed envelope, print a document checklist, date it, and sign it. Include the checklist on the cover page of your application.
- Pay the Application fee
Under this, the candidate must pay the application fee to the immigration authorities.
- Submit the Application Form
Under this, the candidate must verify beforehand that the information provided is accurate and that they offered every necessary information to the immigration authority. After analysing every information, the candidate must submit the application form.
Application Fee for the Start-Up Visa Program
The Start-up Visa Program application fee is CAD 2,140, including processing and permanent residence. The application for a spouse and common-law partner is CAD 1,365, and the dependent child costs CAD 230 (each child).
The Processing time for the Start-up Visa Program
The processing time for the start-up visa program takes up to 12 to 16 months. However, it may vary based on the workload and the candidate’s nationality.
Conclusion
This article details about the Canada Start-up Visa Program. Canada’s Canada Start-up Visa Program, also known as the SUV program, is famous for entrepreneurs and businesspeople seeking permanent residency. The program offers benefits like no business experience requirement, low investment, and diverse industries.
To apply, candidates must check eligibility, fill out an application form, gather required documents, pay the application fee, and submit the form. Processing time can take 12-16 months.
If you want to know more about the other Canadian Immigration Programs, contact Province Immigration via [email protected] or +91 98961 96762
